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++++ BOARD OF DIRECTORS UPDATE++++
The Board has been in contact with AM Alexandria to determine the status of the legal proceedings related to the foreclosure. With a currently scheduled court date for the end of January, it is anticipated that the foreclosure action should be completed by the middle of February. Unit owners are cautioned, however, that there are always contingencies that may come up which further delay the proceedings. If that should occur, we will let you know.
It is further anticipated that as soon as AM Alexandria is in full possession of the property, they will release for sale, through a local agent, the nine unoccupied units.
As far as new construction is concerned, at this time, no arrangements have been made with a new developer.
Al, Bob, & Vince
We look forward to seeing you at the next Board meeting which is scheduled for 6:30PM on March 14 2012 at the Clubhouse.
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